Australia Weighs LNG Windfall Tax as World Faces Soaring Prices

Prime Minister Anthony Albanese has asked Australia’s Treasury to look into imposing a windfall tax on the country’s vast liquefied natural gas industry, to capitalize on soaring prices of the fuel.

The request for modeling was confirmed by Energy Minister Chris Bowen at a press conference on Friday, though he did not provide further details as it is a confidential cabinet process. The Australian Broadcasting Corp. reported the modeling request earlier the same day.

Global prices of LNG have surged due to supply disruptions caused by the war in the Middle East. The critical Ras Laffan LNG hub in Qatar, ...